Report: IMF says no conditions on $3.2B Egypt loan

CAIRO (AP) ? Egyptian newspapers quote the regional head of the International Monetary Fund as saying that the body will not impose conditions on Egypt as the country seeks a $3.2 billion support package to shore up a burgeoning budget deficit.

IMF Mideast and Asia head Massoud Ahmed was quoted by the state-run Al-Ahram newspaper and the independent Al-Masry Al-Youm on Wednesday as saying that Egypt should draft its own economic program, and that the IMF should not impose conditions.

He said issues like energy subsidies and tax irregularities could not be resolved immediately.

An IMF delegation arrived on Monday to discuss the proposed loan.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2012-01-18-ML-Egypt-Economy/id-a204b3e9c9a543658d6434d854ef0f23

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